Ratnagiri, India :Saudi Aramco, the world's biggest oil
company announced a $44-billion deal to build a giant refinery complex in
India with three Indian oil majors. The refinery at Ratnagiri in Maharashtra
will have the capacity to handle 1.2 million barrels of oil a day, the Saudi
company said in a statement after signing a memorandum of understanding with
Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum
Corporation. Indian Oil, Bharat Petroleum and Hindustan Petroleum have set
up a joint venture for the deal with Aramco, Ratnagiri Refinery and
Petrochemicals Ltd.

The Ratnagiri complex will rank among the largest world refining and
petrochemicals projects and will be designed to meet India's fast-growing
fuels and petrochemicals demand. The project cost is estimated at around $44
billion. Participating in this mega project will allow Saudi Aramco to go
beyond our crude oil supplier role to a fully integrated position that may
help usher in other areas of collaboration, such as refining, marketing, and
petrochemicals for India's future energy demands. Aramco may seek to include
a strategic partner to co-invest in the mega refinery.